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- [00:00]
Podcast Host
This is an iHeart podcast. Guaranteed Human earners.
- [00:05]
Wix Harmony / Framer Advertiser
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- [00:37]
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- [01:17]
Matt Garland (MG the Mortgage Guy)
Amazon Health AI presents painful thoughts I
- [01:23]
Podcast Host
I can't stop scratching my downtown.
- [01:25]
Matt Garland (MG the Mortgage Guy)
Mm, yeah, but I'm not itching to
- [01:27]
Podcast Host
go downtown and tell a receptionist I'm here to talk about my downtown. Some things you'd rather type than say out loud.
- [01:36]
Matt Garland (MG the Mortgage Guy)
There's no question too embarrassing for Amazon Health AI.
- [01:40]
Commercial Announcer
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- [01:43]
Matt Garland (MG the Mortgage Guy)
7 Healthcare just got less painful.
- [01:49]
Commercial Announcer
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- [02:27]
Matt Garland (MG the Mortgage Guy)
Hey, what's up everyone? Matt garland here in MLS number 58700 but I'm better known as MG the mortgage guy. And welcome to earn your leisure University. All right, so tonight I'm going to be your host. We're going to talk a little bit about for my first time, home buyers. And we're going to discuss the home buying process but before we get to to that, I'm going to share my screen for you guys so that way you guys can see the presentation that I put forth together for you. So welcome to EYL University. Like I said, my name is Matt Garland and MLS number 58700, better known as MG the Mortgage Guy. Today we're going to talk about first time home buyers. So let's get started. Most people always ask me, yo, Matt, what I need to get started. To be a first time home buyer or to buy a house, everything starts with your mindset. I say this all the time, right? You have to be prepared for home ownership. So ask yourself these questions while you're first time home buyers. Are you ready for homeownership? What are your real estate goals? Okay, do you have the capital? Meaning do you have money? Right. Most people want to be house rich and cash poor. Never be house rich and cash poor. I don't care if you're getting 100% financing, I don't care if you get any home buyer grants. It doesn't matter to me. You need to have some money saved. How soon do you want to close? Have realistic expectations on your timeframe. Check out if you have a current lease, when does that lease expire? If you're living at home, how's that situation working out? Whatever the case may be, have a realistic expectation for when you want to close on your home. And number most importantly, are your documents organized? This is key, okay? Keep your documents organized every time. If you know you're going to buy a house, you know, create a file, create a Dropbox, a Google Docs, you know, start putting your pay stubs there. Every time you get a updated bank statement, put your bank statements in a file, you're doing it. You got your W tools, you're doing your taxes. You know, upload that into a file and call a file like homeownership file or something like that and just start putting together all your documentation so that way you guys are prepared. All right? Now speaking of documentation, what do you need to start the pre approval process? Well, you need your last two years of W2s because we show a two year work history, last two years tax returns. And really you want to provide tax returns if you're self employed, if you have any rental income that you're collecting, if you file like a 1090, if you get paid 1099, maybe your Uber driver or a Lyft driver, a hairstylist, a barber, you know, anything that you get, like maybe you sell affiliate links, you Got digital marketing, online marketing, sales, whatever you do right, that you get a 1099 from. And if you file that on your taxes, I need to see your last two years of self employed. 1099. Independent contractor is considered self employed. So please remember that last 30 days of pay stubs, very key. So we need 30 days for pay stubs. If you get paid weekly, we need four pay stubs. If you get paid bi weekly, we need two pay stubs. All right? Last two months are your bank statements or any assets that you are using for the transaction. So if you're borrowing money from a 401k, we need the last quarter statement. If they, if you using your checkings in your savings account, we need your last two months of your bank statements. Now those bank statements we need all pages. So now if you know, if you look at your bank statements it may say page one to 10, right? And if that 10th page is intentionally left blank, underwriting will still need that 10th page. Alright? So although it's blank, once the once underwriting sees one of 10 and we only provided nine, we need to see the 10. All right? Even if it's blank. I know it's stupid, but that's just the rules. All right. Copy of valid id. If you are getting any gifts, you can get gifts from a family member or close friend. We need a copy of the gift letter. All right? And we need to completed loan application. Now if I'm your lender, then obviously I'll send you that online loan application. But any bank you go to, you're going to have to complete online loan application. The pre approval process, let's go through it. So choosing a lender, very important guys. And I want to say this, not trying to bash any of my fellow lenders, mortgage brokers, bankers, because that's not the purpose of my content for at least I try to encourage my entire industry. But you want to make sure you don't pick a lender just because you have a quote unquote banking relationship with that lender. Meaning you have your checking account there, you have your savings account. You really need to be interviewing the loan officer, someone like myself. Because you're not doing business with the bank per se, you're doing business with the person that's in my chair, right? So you have to make sure that that loan officer, him or her understands your real estate goals completely. Because your first deal can set you up for your 10th deal. But it's very important on how you execute your first deal, on how this is all going to play Out. All right, so make sure your loan officer understands your real estate goals is number one. Number two, does your loan officer have a support team? Very important. Especially in times right now where you have interest rates at all time lows, you want to make sure that loan officer is not a one man band, so to speak, because you still don't want your service levels to drop off just because they're busy. You still want communication. So make sure they have some support, whether they have assistance processes. These are questions you need to, you need to ask, you need to interview and how many years of experience that they have. Now, this is not a knock to any of my newbies, right? But when you're dealing with experienced professional, you have to make sure that they really understand your goals and they have a track history of helping people accomplish their goals. So most of the time, obviously if you're dealing with someone who's new, they may not have that experience, but they may be able to give you all the time in the world that you need versus someone like myself who may be experienced. All right? But I always recommend work with experienced loan officer because they have a track history of closing deals. Because the name of the game is closing, abc. Always be closing. All right, so the pre approval process, the next steps, after you choose your lender, after you discuss your goals, you got to run your credit and review your income documents. That's what I do, right? Determine what mortgage programs you qualify for. Now, I'm gonna keep it right there for a second. Determine which mortgage programs you qualify for is very important. There's a ton of programs out there, but sometimes lenders only want to give you one option. Make sure that you guys are asking the lender to provide you all the options that you qualify for. Whether it's conventional mortgage, FHA mortgage, whether it's 30 year fix, 20 year fix, whatever it is. That way you can see the full picture. And always, always, always, always remember, there's a big difference between eligibility and affordability. Just because a bank or lender or broker will approve you, it does not mean you can afford that mortgage. So choose wisely. Banks and loan officers like myself, we are in the business to make loans and to sell money. We will tell you your goals. We will tell you what you have to do to accomplish your goals. We'll tell you what you qualify for. We will close your loan. But guess what? At the end of the day, you are responsible for that mortgage payment. So please, please, guys, it is very difficult. One of the scary things about low interest rates is that it is so much easier to over leverage because money is cheap. And now you might bite off more than you can chew because let's just say for example, when the rates are higher, you may like 4%, right? You may only be able to be Pre approved for 400,000, but now that rates are 2.753%, you could probably get 550,000, you know, I'm saying because of that dip in interest rates. So the very scary thing about low interest rates is that people tend to over leverage. Don't over leverage guys, don't bite off money and control. This is probably the most important thing that I can tell you. Especially we got elections coming up. We have, so we got the, the corona disease. We have so many things, stock market going crazy right now. We have so many different things that are happening that no one knows if and when a recession will come. So over leveraging is a very scary thing. And that's something that I'm paying attention to when I'm, when I'm having consultations with clients. So but it's your responsibility. You guys are adults at the end of the day. So you got a man and woman up and make sure, you know, just because the bank can approve you for a mortgage doesn't mean you can afford it. So sorry for the rent, but I had to go there. All right, so now after you discuss your terms for these programs, interest rates, closing costs, et cetera, now you're pre approved and you're ready to shop. All right, so let's just give you, I'm going to give you a quick snapshot now of the loan programs and what you need to qualify for them. Now mind you, this is not a commitment for me to lend to you, all right? I'm just giving you a snapshot of the programs for FHA and FHA 203k. Your minimum credit score is a 580. Minimum down payment is 3.5% of the purchase price. The max seller's concession allowed is 6%. Now for those of you who don't know, a seller's concession is when a seller pays, agrees to pay a portion of the closing cost. Sorry, had to text home. Is when a seller agrees to pay a portion of a closing cost. So ultimately at the end of the day, let's say if the sales price is 100k then 6% is 6000 that the seller will agree to pay for. FHA allows one to four family properties, FHA approved condos and mixed use properties. Now for those of you who don't Know what, what mixed use properties are? A mixed use property is typically a commercial property. When you have residential on the top and commercial on the bottom right. FHA will allow you to purchase this property as long as the total units don't total more than four total units and the residential square footage is at least 51% of the square footage of the building. Alright, so for those of you who are running your own business, maybe you have a restaurant, a bar, you know, you have some sort of sales business and you need a brick and mortar location. This can be ideal for you if someone, if someone doesn't have that business. Remember renting out to commercial clients. The rent is probably going to be more expensive than a residential. So that can be a good opportunity for you to look for. All right? And they will allow you to do it with 3 1/2% down. Your max loan amounts is based on the FHA county loan limits. Now only thing you have to do. If you want to know what your FHA county loan limits are, Google FHA county loan limits for whatever county you live in and they'll tell you from one to four family what the max loan amount is. FHA offers fixed and adjustable adjustable mortgage rates. And FHA is only for primary residence. I wish I can zoom in on this camera right now. Primary residence only. Okay. It's not for investment properties. You cannot use your LLC to purchase the fha. Purchase a house using an FHA loan. You can't put the mortgage, the FHA mortgage in your llc. No, no, no, no, no. It is only for primary residence only. FHA does require a one year occupancy. Right? So that means you have to live in that property for at least 12 months. All right? And then if you want to rent out, you can. I just wanted to make that clear because I get a lot of questions about that. Let's move on to another program. Conventional loans you have. This is the ideal programs for conventional loans where you can put down at least 3% down payment. You have Fannie Mae, Homeready, Freddie Mac home possible. You need a minimum of a 620 credit score. The down payment can be between 3 and 25% of the purchase price. Max 3% seller's concession is allowed one to four families and Fannie Mae approved condos are allowed. The max loan amounts is based on the Fannie Mae loan limits. So again, just Google Fannie Mae loan limits and they'll tell you the loan limits for your area. Fixed or adjustable rates, interest rates, primary residence, second homes and investment properties are allowed with Fannie Mae with conventional loans. Now I'm gonna do a little bit of deep dive into this one. So one to four family they do allow, but Fannie Mae Homeready. If you're buying a two to four family or duplex, triplex or quad like some folks call it, then you will have to put down 15% even if it's owner occupied. And if it's an investment property, you have to put down 25%. With Freddie Mac Home Possible, you can potentially put down 5% on a duplex, triplex or quad. But with any of these programs, they are income based programs. So we will have to determine based. And you can just probably Google it, right? Go to Google Freddie Mac Home possible income limit and then there'll be a map that will come up and you punch in your address or the zip code of where you're looking to buy and then the system will tell you the maximum income you can make to be qualified for this loan. So they use 80% of the AMI. The AMI stands for area Media Income. So let's just say for example the AMI is $100,000 of income. They only use 80,000 income to qualify. So if you make $85,000, you automatically don't qualify for this program. Another thing I want to tell you guys about this, if you're losing a conventional loan and you want to buy a multifamily, if you are a first time home buyer, conventional loans will not allow you to use rental income to help you qualify. Let me repeat that. If you are a first time home buyer, conventional loans will not allow you to use potential risk earners.
- [18:24]
Wix Harmony / Framer Advertiser
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- [20:50]
Matt Garland (MG the Mortgage Guy)
harmony Amazon Health AI presents painful thoughts
- [20:57]
Podcast Host
why did I search the Internet for answers to my cold sore problem? Now I'm stuck down a rabbit hole filled with images of alarmingly graphic source in various stages of ooze. I can clear my search history, but I can never unsee that.
- [21:15]
Commercial Announcer
Don't go down the rabbit hole. Amazon Health AI gets you the right care fast. Healthcare just got less painful.
- [21:22]
Podcast Host
Every business has an ambition. PayPal open is the platform designed to help you grow into yours with access to business loans so you can expand and hundreds of millions of PayPal customers worldwide. Your customers can pay all the ways they want today with PayPal, Venmo pay later and all major cards so you can focus on the future when you need a partner trusted by millions. There's one platform for all business PayPal open grow today at paypalopen.com loans subject to approval in available locations to income
- [21:53]
Matt Garland (MG the Mortgage Guy)
from those units to help you qualify for the mortgage. The only program right now that will Allow a first time home buyer to use rental income to help you Qualify is a FHA loan. All right, FHA will lose 75% of the gross rental income from those apartments to help you qualify. So let's just say you're collecting $1,000 a month in rent. FHA will use $750 to help you qualify. Now this is what I want to tell all you first time home buyers. These guidelines for conventional just changed at the end of 2019. I have a video on my YouTube page, MG the Mortgage Guy, you can go check that out too. But basically stated these new guidelines. When you see programs starting to change guidelines like this, that means at some point everyone changes their guidelines to kind of match what the other one is doing. And it's all based off a risk analysis. So right now FHA allows this still, but conventional doesn't. So with that being said, that means you need to get on it and do not wait. Because everything about this industry, about the mortgage business is all about timing, all about timing. The market does not wait for you. Okay? It does not wait for you. Let's go into VA loans. VA loans minimum 580 credit score 100% financing with no PMI up to 6% seller's concession allowed, 1 to 4 family, VA approved condos allowed. And it's for primary residents only with a one year requirement for primary residence. Again, VA does not allow first time home buyers to use rental income to help you qualify unless you can prove that you have prior rental property management. Okay, so, and in most cases, if you're a first time home buyer, you're not going to have that type of experience. So you're going to have to be able to qualify on your own. That's why for me, in all honesty, if someone's looking to buy a multifamily and if they can't qualify on their own income, then FHA is the ideal program for that multifamily buyer. All right, so now we got a little bit of information about the programs. You know what it takes to get pre approved, you know what documents that you need. Now congratulations, you went out shopping with your realtor, you saw 150,000 houses, you hated them all except for the one, you fell in love with it. Now congratulations, you put in the offer and now you're in contracts now. So in some states, every state operates differently. I'm based here in New York. So in New York, the process is you put in the offer with your realtor, the realtor puts in an offer with the seller's Realtor, they accept the offer. Then we do a home inspection. After the home inspection is completed, then the contracts are sent to the attorneys. Then the buyer goes, meets with the attorney, the attorney, they sign contract, they give their down payment check. Then the seller, the buyer's attorney sends the contract over to the seller, the seller signs and now congratulations, you have a fully executed contract. States like Georgia, there's no attorneys, there's the realtors take care of this. And in a lot of states, you know, Florida is a realtor state, I believe. I think Texas is also there. So there's several states out there where they, there's no attorneys, there's not attorney states. So now when you make your offer, your offer is actually you signing a contract and it's handled by your realtor. And then once you make your offer, you have a due diligence period. Some places are different. You know, I've seen due diligence parents be five days, two weeks, 10 days, whatever the case may be. All of that is negotiated between you and the real estate agents. But that's the typical process. So check with your local realtor to determine what in your state was that process look like. But if in any event you're still going to get, you're going to need a home inspection. If you're an attorney estate, you're going to meet with an attorney to sign contract. Once your contract is executed, your realtor, your attorney or you, the buyer are going to now email that contract to your lender. The lender is now going to finish the loan application and they're going to disclose the loan to you. Meaning when they disclose the loan to you, they're going to provide you all the documentation, all that initial documentation, it's like 100 pages. And you're going to have to sign your life away, basically. And within that documentation, you're going to have what's called the loan estimate and the loan death estimate. The loan estimate or LE is going to break down all your costs, your terms, what type of loan you have, your mortgage payment, etc. Etc. Right? And I'm going to break down more towards the end. I'm going to break down the cd, which is the closing disclosure. And that's one of the most, that's the most important thing you need to see. All right, so after we disclose to you, you esau all of the documents, then you have to pay for your appraisal so that the lender can order the appraisal. Appraisal fees varies from different states. Single families can be anywhere from 450 to 550. Duplexes can be anywhere from 650 to 800. It just all depends on the sales price and your location. And then the settlement agent or the attorney will order the title report. Now, the title report consists of so many documents and is just basically giving the report of the house. If it's a new construction home, then the title report is not going to contain too much information, but the settlement company or the attorney will order that title report. All right, so after you do all of this, you choose your loan program with the lender. You discuss the loan estimate. You e. Sign like I just said, you discuss your rate locks. Now, right now, guys, like I said earlier, interest rates are right now at the lowest that I've ever seen it in my career. If you are looking to purchase a home, you need to step on it right now. Tax money is about to start coming in. You guys need to get serious with this because I have, and I've been doing this almost 18 years. I have never seen interest rates this low. The money is the cheapest that has ever been. Take advantage. Do not waste time. You don't have time. Don't be waiting for the bottom to come. No one has a crystal ball. No one knows when about the bottom is going to come. Alright? So kick it into gear and lock in. All right, you pay for your parade of titles. Audit. Now your loan goes into underwriting for initial approval. Underwriting. Let's talk about underwriter, the role of the mortgage underwriter. They are responsible for analyzing your risk to determine if the terms of your loan are acceptable. This require mortgage underwriters to look closely at an applicant's employment and financial history before approving a loan. Now, the role of the underwriter, right, they're looking at your income documentation and verifying everything to make a decision. Underwriting decisions that they can make are either approved with conditions denied, suspended or final approved, equal ctc, which we love, all right? They review appraisals to make sure the appraisals are clean. They're reviewing the titles to make sure the title reports are clean, that there's no issues, there's no permits, there's nothing that can hinder their investment. So I want to really, I really want to dig deep into this right now. Right when you're talking about the underwriter, your underwriter can make break you. All right? If. And it's all based off how you put in the loan. See, the underwriters, they don't know you guys. A loan officer's Job is to get you approved. And I tell people this all the time. My job is to get you approved. Underwriters job is to decline you, so to speak. They have to sign off on your loan. If you guys follow me, you've probably heard me say pre approval letters are garbage. And the reason why I say it is because a loan officer is actually giving you a pre approval, not the underwriter up front. That pre approval letter doesn't mean anything. Right. It's really honestly not worth the paper that is printed on. All right? Because that loan officer can't make an underwriting decision. Okay? So when your file goes. Just because you are pre approved, it does not mean that the underwriter. The underwriter cannot decline you. Right. And y' all see this is live. I'm in my office. I got my man Manny back here throwing out the garbage right now as we speak. So this is how we do it at EYL University. Is live. Right? Money distracting me. I had to get a laugh out of that. That's too serious. I couldn't hold it no more. All right, let me get back to business. So the underwriter, right. They don't have to approve that loan. Yeah. Just because your loan officer gave you that letter doesn't mean anything. So it's very important. That's why I scrolled from the beginning of the process. I said, don't pick a lender just because you bank with them. That doesn't mean anything. That loan office is the person that you are working with. And that person is the one who's telling you, yes, you can go buy this home. But if they're not experienced, if they don't know what they're doing, they can mess things up. Like calculate your income. Wrong. A whole slew of things that I'm not going to get into. And that's what can cause the underwriter to decline you. Another thing is that underwriters pretty much do a background check. And I tell people this all the time. What's done in the dark will come out in a lighter. Right. Don't hide nothing from your loan officer. Your loan officer. We don't have the technology upfront on the sales capacity to do that background check or that, that, that forensic diagnosis of you like the underwriting department does. So they're going to know if you had pre. If you don't disclose on your loan application that you own the property and it's been you had a foreclosure or short sale or bankruptcy or you have defaulted student loans, we're going to Find that out once it gets to underwriting. And the only thing you're going to do is kind of delay your own process here. All right, so very important, if you had any derogatory credit events in the past, any of the things I just named, make sure you're very clear and upfront about it with your loan officer so that way they can tell you what to do, because ultimately it's going to come out anyway and it could honestly put you behind the eight ball and get your loan decline. So that's really the role of the underwriter, is to make sure that if they're issuing what's called a loan commitment, that that commitment is valid and the bank won't suffer any losses behind approving your loan. I hope that makes sense. All right, so what does the underwriter look for? They're looking at your credit score. They're looking at your credit history, large deposit. So your credit score, again, we went through the minimum credit score for FHA and VA580,624 conventional. Your credit history, very important. Do you have collections accounts? Do you have charge offs? Do you have repossessions? Do you have defaulted student loans? Are you paying your student loans on time? Are you student loans deferred or not? You know, we're looking at all of that information. All right? Large deposits into your bank account. This is a big thing, people. You can't be moving mattress money into your account. Day after you go, you try to sign a contract that doesn't work. If you have mattress money, it needs to be seasoned in your bank account for at least two months. All right? You can't just be making large deposits, large withdrawals. Underwriters going to connect that. If you have a lot of, what they call that, overdrafts, right? Underwriting will look at that and they will say, why you? Negative. You got to remember, if you can't manage your personal finances, if you can't manage like a cell phone bill, a cable bill, a car note, what makes you think an underwriter wants to approve you for 200, 300, 400,000? You know what I'm saying? An underwriter uses discretion. Just because you meet the guidelines, if they're not comfortable with your loan, if they feel like you're a risk because of your history, they will decline you, period. Just want to be clear about that. All right. Another thing I wish I knew how to highlight on this, for those who know me, know I'm not good with this PowerPoint stuff, but I'm. I highlighted there. I hope you guys see that? Occupancy fraud. They looking for this stuff. Guys, don't call me and tell me, hey, I want to buy this FHA loan. I want to buy this house. Use the FHA loan.
- [35:36]
Wix Harmony / Framer Advertiser
AI is changing everything right now, and website creation is officially part of the wave. WIX just introduced Wix Harmony and honestly, it's one of the smartest tools we've seen for entrepreneurs, creators and business owners. Here's how it works. You simply type what you want your website to look like and Wix Harmony builds it for you, complete with forms, payment options, security, and everything you need to actually run a business online. But what makes it different is that you're not just stuck letting AI control everything. You can still manually edit your site however you want, or you can use their AI assistant Aria to make updates for you instantly. That's important because anybody who's used AI knows how frustrating it could be repeating prompts over and over just to make one small change. Wix Harmony removes that headache and makes the process simple. If you got a business idea, a personal brand, or a company that needs a real online presence, this is definitely something worth checking out. Try it for free@wix.com harmony that's wix.com
- [36:35]
Matt Garland (MG the Mortgage Guy)
harmony Amazon Health AI presents painful thoughts
- [36:42]
Podcast Host
why did I search the Internet for answers to my cold sore problem? Now I'm stuck down a rabbit hole filled with images of alarming life, graphic source in various stages of ooze. I can clear my search history, but I can never unsee that.
- [36:59]
Commercial Announcer
Don't go down the rabbit hole. Amazon Health AI gets you the right care fast. Healthcare just got less painful.
- [37:07]
Podcast Host
Every business has an ambition. PayPal open is the platform designed to help you grow into yours with access to business loans so you can expand and hundreds of millions of PayPal customers worldwide. Your customers can pay all the ways they want today with PayPal, Venmo, pay later and all major cards so you can focus on the future when you need a partner trusted by millions. There's one platform for all business PayPal open grow today at paypalopen.com loans subject to approval in available locations.
- [37:38]
Commercial Announcer
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- [38:39]
Matt Garland (MG the Mortgage Guy)
But I live in New York and I'm buying it in Kansas. Like what are you talking about? That's an investment property. You can't. You can't do that, right? Occupancy fraud. They are looking for that. Trust me, you don't want the FHA police knocking at your door. Appraisal meeting the program guidelines. Every program has different guidelines of what they see to want to see in their appraisals. Underwriters looking for child support. Very important if you have child support on your credit report and I've seen this so many times where folks are behind eight ball and child support now showing up as a collection. They're not going to lend to you until that child support is either in good standing or paid off. So very important folks if you have also IRS debt that's not the end all be all. As long as you are in the payment arrangement and you can document your payment arrangement with a payment arrangement from the IRS and you can show on time payments then no no worries. It's just that money is just going to be included into your debt to income ratio. The same with child support. If you pay child support alimony that will be included into your debt to income rational ratio. Alright, here's a big thing. Verification of employment. Man, this should be so self explanatory. But I got to keep always saying this. Don't quit your job the day before closing. We meaning lenders will do a verification of employment 3 within 10 days of closing. I have had verifications of employments done the date of closing and guess what? Mr. Jones doesn't no longer works here. They quit a week ago. You call Mr. Jones why you quit? I. Because I hate my job. I just wanted to use it for the house. Well guess what? You can't get a house now. You have no job. Don't quit your job. It just doesn't make any sense. Discrepancies in address. Again that goes to occupancy fraud. You're using all these different addresses. They're going to look up these addresses and see who owns these homes. Right. I've seen it happen where people don't disclose on a loan application, but we see on a credit report and come to find out you own six properties, they're going to look for that stuff was done in the dark, will come in a light. All right, so now once you pass the underwriting stage, you got your loan commitment. All right, you know what conditions you need. Conditions are just basically, you know, the underwriter may wants want a letter, explanation maybe because you got a lot of different addresses. If you got large deposits, they're gonna want you to source those deposits. Another common condition is if you're getting gift funds, you need to show the gift money coming in, coming from your donor, coming to you. So once you meet all the conditions that the underwriter needs on that loan commitment, then we go into my favorite thing, which is clear to close. Hallelujah, we are cleared to close. We are through the underwriting process. Life is good. All right, now you sign the next steps. After you get that clear to close, you sign a closing disclosure to cd. You set the closing date and time, and then you do your final walkthrough of the house, right? So your closing disclosure. Let me bring this up for you guys. All right, so now your closing disclosure is very, very important. Now on the left hand side, it gives you. Let me see. Can I, can I zoom this in now? I won't. Let me zoom in. Well, I hope you guys can see it as good on my end. So you have the closing disclosure. This is kind of what it looks like on the first page. It breaks down your loan amount right here. And in the slides you'll have this link also. So that way you guys can see this on your own. If you can't see it right here. So it shows your interest rate, it breaks down your monthly payment. But let's go to page two. Page two, because this is where the meat and potatoes, the top part is where you have all your bank fees. Now, when people are shopping around for a mortgage, they always ask them, what's your closing cost? What's your closing costs? What's your closing costs? If you're gonna shop around for a mortgage, you have to understand the bank only controls the bank fees and the interest rate. So when you shop in one lender to another lender, those are the two things you need to know. What's your interest rate and what are your bank origination fees? Because everything else, title costs, state taxes, title insurance, all of that stuff is all third party. The bank does not control that. All right? And those fees should be set no matter where you go. So no matter if you go to Bank A or Bank B or Bank C, those third party fees should all line up to be the same. But the main thing that you guys want to go through and want to learn is and know from your lender is what are your fees and what is your interest rate. All right? So again, I'm not going to go through this entire closing disclosure just for just because of effort of time. Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the same Premium Wireless for $15 a month plan that I've been enjoying.
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Matt Garland (MG the Mortgage Guy)
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- [45:24]
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Matt Garland (MG the Mortgage Guy)
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Matt Garland (MG the Mortgage Guy)
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Commercial Announcer
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- [46:30]
Podcast Host
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